Quote:
Originally Posted by Mr.Doback
If you don't have kids/major fiscal responsibilities, it isn't too hard to get approved for a loan that large. My buddy just bought a house for $450k and that is with a 65k/yr salary, no wife/kids and we are both 2 years out of school and make the same income.
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See I have no wife or kids, no student loan debt and I make more than that. What did he do, take out a 5yr ARM?
I don't see the point on buying if you are NEVER going to pay it off, that's just a financial burden.
He is likely taking home $3-3,400 a month and at 30 years his mortgage has to be $2,800-3,000.
So best case he lives off $600 a month, worst case he is going into debt each month?